Unilever NigeriaNSA:LEVBROS 72 Beneish M-Score is -2.67 as of Jun. 25, 2026. GuruFocus rates NSA:LEVBROS with a GF Score™ of 72/100 and a GF Value™ of ₦52.35 (Significantly Overvalued). The stock has 1 warning sign investors should review. Among 1,849 Consumer Packaged Goods companies, Unilever Nigeria ranks better than 63.28% on this metric.
The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Unilever Nigeria's Beneish M-Score or its related term are showing as below:
NSA:LEVBROS'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.88 Med: -2.3 Max: 199.21
Current: -2.67
During the past 13 years, the highest Beneish M-Score of Unilever Nigeria was 199.21. The lowest was -3.88. And the median was -2.30.
Unilever Nigeria Beneish M-Score Related Terms
Unilever Nigeria Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Unilever Nigeria's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
NSA:LEVBROS vs PG, CL, KVUE: Beneish M-Score Comparison
For the Household & Personal Products subindustry, Unilever Nigeria's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Unilever Nigeria Beneish M-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Unilever Nigeria's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Unilever Nigeria's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Unilever Nigeria for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 0.9408
+
0.528 * 0.9144
+
0.404 * 0.7659
+
0.892 * 1.4332
+
0.115 * 1
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.105
+
4.679 * -0.076031
-
0.327 * 1.0288
=
-2.67
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(0 / (0 + 22376.768))
/
(0 / (0 + 24409.921))
=
0
/
0
=
1
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(32198.6 - 0
-
45897.783)
/
180179.325
=
-0.076031
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Unilever Nigeria has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
Unilever Nigeria (NSA:LEVBROS) has a Beneish M-Score of -2.67 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Unilever Nigeria and its competitors. According to the industry distribution chart, Unilever Nigeria ranks #679 out of 1849 companies in the Consumer Packaged Goods industry, placing it in the top 36.7%.
Is Unilever Nigeria's Beneish M-Score too high?
Unilever Nigeria's current Beneish M-Score is -2.67. Based on the distribution chart, Unilever Nigeria ranks #679 out of 1849 companies in the Consumer Packaged Goods industry, which is above the industry midpoint. Overall, Unilever Nigeria has a GF Score™ of 72/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Unilever Nigeria's Beneish M-Score compare to PG and CL?
According to the Consumer Packaged Goods industry distribution chart, Unilever Nigeria ranks #679 out of 1849 companies for Beneish M-Score. This puts Unilever Nigeria in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Unilever Nigeria and its competitors. Unilever Nigeria's current Beneish M-Score is -2.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Unilever Nigeria stock overvalued right now?
Based on GuruFocus' analysis, Unilever Nigeria (NSA:LEVBROS) is currently considered Significantly Overvalued. The stock's GF Value™ is ₦52.35, compared to a current price of ₦140.00 — trading 167.4% above its estimated fair value. The current Beneish M-Score is -2.67. Unilever Nigeria's overall GF Score™ is 72/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Unilever Nigeria (NSA:LEVBROS), the current Beneish M-Score is -2.67 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Unilever Nigeria (NSA:LEVBROS) Overvalued in 2026?
Based on GuruFocus' analysis, Unilever Nigeria stock appears to be overvalued.
The current stock price of ₦140.00 is trading 167.4% above its estimated GF Value™ of ₦52.35.
GuruFocus considers Unilever Nigeria to be Significantly Overvalued.
Key valuation signals for NSA:LEVBROS:
Beneish M-Score: -2.67
GF Value™: ₦52.35 vs. price of ₦140.00 (167.4% above fair value)
No single metric tells the full story. See the NSA:LEVBROS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Unilever Nigeria PLC is principally involved in the manufacture and marketing of Nutrition, Beauty & Wellbeing, and Personal Care products. It has manufacturing sites in Oregun, Lagos State, and Agbara, Ogun State. The company's operating segments are: Foods, Personal Care, and Beauty & Wellbeing. Maximum revenue is generated from the Foods segment, which includes the sale of savoury products. The Personal Care segment includes the sale of oral care and deodorant products, and the Beauty & Wellbeing segment includes sales of skin care products. Geographically, the company generates maximum revenue from its business in Nigeria, and to a lesser extent, also exports its products to other countries.
72GF Score
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